Best Auto Insurance – Classic Cars Insurance in 2022 USA: Most people depend on their cars to get them where they need to go, but some people see classic cars as investments that are well worth their time, effort, and money. In either case, insurance is required for the vehicles, and the insurance requirements for classic cars differ from those for everyday transportation vehicles.
Classic car insurance is designed to protect your investment and ensure that your car is kept on the road for many years to come, in contrast to most types of auto insurance that only cover vehicles that lose value. Consequently, special policies are needed for classic and antique cars.
A classic car is typically one that is more than 25 years old and has some historical significance. Some of these are vintage American muscle cars, while others are special edition models. Whether your classic vehicle is a 1954 Chevrolet truck or a 1969 Dodge Charger, chances are good that its value will increase over time as its components deteriorate.
A great classic car insurance policy can be challenging to find, much like the vehicles, it was designed for. We compiled a list of the classic car insurance companies with the best coverage for the money after analyzing data for eight speciality insurance providers and twenty major auto insurance companies that offer classic car policies.
Best Auto Insurance – Classic Cars Insurance Company
Best Auto Insurance:
USAA: Customers of USAA report the highest levels of customer satisfaction, are most likely to renew their policies and recommend USAA to other drivers, per our 2022 survey. In our study, USAA also had the lowest rates, outperforming the national average by 35%.
Only those in the military community can purchase USAA insurance products, such as auto, homeowners, and renters policies. As a result, not all motorists will qualify for coverage from this insurer.
State Farms: It received ratings that were above average in all of our subcategories, such as claims handling and customer loyalty. It also performed well in our ranking of the cheapest car insurance providers for 2022. For drivers who couldn’t get a policy from USAA, its average premiums for those with less than perfect driving records were the lowest in our rating.
No. 2 in customer service: Farmers. In terms of customer loyalty, it is tied for second. Farmers didn’t perform as well as expected in this category, scoring 4.0 instead of the category average of 4.2.
Nationwide: Nationwide is now tied for third place after moving up two spots since our 2021 analysis. Nationwide has above-average scores in all of the subrating categories and ranks second in our Customer Loyalty and Most Likely to be Recommended sub ratings. Additionally, some drivers, particularly those with a clean driving record or bad credit, can get rates from Nationwide that are below average.
Geico: Geico was rated third last year and is tied for third place in our analysis for 2022. Its higher-than-average customer service rating is most likely the reason for its position in this year’s ranking. Other significant categories, such as Customer Loyalty and Most Likely to Be Renewed, have average results for Geico. While Geico’s rates are the second-lowest in our study, they may make it a great option for drivers looking for affordable coverage despite its slightly below-average claims handling scores.
Allstate: Despite having slightly below-average ratings for the majority of our sub ratings, it still managed to place fourth in our list of the most likely to be recommended sub ratings. Allstate’s rates are among the highest when compared to the other insurers in our analysis, but some drivers, such as those with a speeding ticket, might find them to be somewhat competitive.
Travelers: This year, Travelers also made some progress in the right direction, rising two spots to tie for the sixth spot. Despite having a lower customer service rating than seven other insurers in our analysis, Travelers ranks first in the category for claims handling and third in the category for renewal likelihood. Also scoring above average for policy renewal, Travelers provides premiums that are frequently lower than the national average.
Progressive: Customers are generally satisfied with the simplicity of opening a policy, but Progressive comes in last in our Best for Customer Loyalty category and receives below-average ratings across the board. Additionally, Progressive customers claim that they are less inclined to repurchase insurance or refer the company to other motorists. However, people with a DUI might be able to access Progressive’s savings. In our study, the rates for those drivers are some of the lowest.
Classic Cars Insurance:
Grundy Classic Car Insurance: For vintage vehicles with a rising value, Grundy Insurance is a great option. In the event of a covered total loss, the auto insurance company guarantees the full value of the vehicle and permits policyholders to reassess the agreed-upon value of their car as necessary.
The Better Business Bureau (BBB) has granted Grundy an accredited A+ rating, demonstrating the company’s commitment to resolving customer complaints and issues. The insurer provides the typical forms of auto insurance coverage, including uninsured/underinsured motorist protection, medical payments, bodily injury liability, property damage liability, collision, and comprehensive.
Additionally, the classic car insurer provides trip interruption coverage up to $600, towing and labour coverage up to $250, and spare parts coverage up to $500.
Hagerty Classic Car Insurance: More than just a classic car insurance policy is available from Hagerty Insurance. The insurer also offers a top-notch car enthusiast community and vehicle specialists to assist you during any repair or replacement process. Older than 1979 classic cars are insured by Hagerty.
Hagerty offers coverage for spare parts, trip interruptions, tools, and roadside assistance in addition to the typical forms of auto insurance. The Hagerty Drivers Club® is a membership service that allows drivers to take advantage of numerous auto discounts, roadside assistance, auto enthusiast events, and other benefits.
American Collectors Insurance: American Collectors Insurance provides coverage for agreed value, vehicles undergoing restoration, spare parts, and newly acquired vehicles automatically.
Additionally, the auto insurer offers a novel protection scheme known as Collectors Auto Reimbursement Endorsement (CARE). Depending on the level of coverage chosen, this multi-tiered plan offers roadside assistance, reimbursement for car show expenses, theft rewards, reimbursement for cosmetic damage, and more.
American Collectors Insurance has a 4.9-star Trust-pilot rating for customer satisfaction and an A rating with accreditation from the BBB.
Heacock Classic Insurance: Drivers looking for a top-notch customer experience should consider Heacock Classic Insurance. Despite not having a BBB rating, the business has a Trust pilot rating of 4.9 out of 5. Customers frequently compliment the agents at the classic car insurer on their attentiveness and personal touch.
American Modern Insurance underwrites Heacock. Heacock offers all common types of auto insurance as well as free roadside assistance with every auto policy when it comes to coverage options. Included are agreed value coverage and spare parts coverage (up to $2,000).
Before providing coverage, the insurer does not request any professional evaluations. The agreed value of a vehicle is decided by Heacock and the vehicle owner.
Classic Car Insurance Requirements
The following are the primary requirements for receiving special coverage for your classic car:
The insurance company has classified the vehicle as a classic (generally over 25 years old)
Especially if the vehicle is expensive, the secure garage storage is recommended.
low annual mileage
a clean driving history
Availability of a substitute vehicle
The car is in good general condition and has documentation of regular maintenance.
The requirements differ depending on the carrier. For instance, some insurance providers demand evidence of a spotless driving history spanning at least five to ten years. Others set a 25-year-old minimum as the main policyholder’s age restriction.
The following automobiles can be covered by a classic policy: old farm equipment
Street rods built before 1949 that have been modified
vehicles produced between 1919 and 1930
military vehicles from the past
collectable or limited edition models
Prior to 1980, collector vehicles
For older vehicles to be eligible for classic car insurance, they must have been properly restored.
It is a good idea to compare quotes from different insurance companies because they all use different categories and pricing structures.
According to InsuraMatch, your vehicle may still be considered a classic even if it was modified to increase the value or produce a distinctive model while it was still under 25 years old. Typically, “exotic” cars under 15 years old that are expected to appreciate in value over the following few years are not regarded as classics.Advertisement